WTI Price Forecast: Growing internal war risks in Middle East support recovery to near $78
West Texas Intermediate (WTI), futures on NYMEX, extends Thursday’s recovery move slightly to near $77.80 during the day. The Oil price underperformed in the last two weeks on hopes of the Strait of Hormuz reopening, a critical chokepoint to almost 20% of global energy supply.
West Texas Intermediate (WTI) futures on NYMEX extended Thursday's recovery to near $77.80, despite underperformance in the last two weeks due to hopes of the Strait of Hormuz reopening. US President Donald Trump suspended planned strikes on Iran, agreeing to open the route and end Iran's nuclear threat. However, the US-Iran deal remains uncertain as Tehran is reportedly nearing a proposal with Oman for joint management of the Strait.
This proposal may face backlash from global leaders supporting freedom of navigation. Tensions between Iran-aligned Houthis and Saudi Arabia have also heightened fears of energy supply disruption, driving up oil prices. The WTI price currently sits at $77.80, below the 20-day exponential moving average at $79.32, reflecting a bearish near-term bias. Resistance is at the 20-day EMA at $79.32, while support is at the August 5 low at $73.51.
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